603290.SH|IGBT 2021 IGBT IGBT 2017-2021 4.4 17 22Q3 18.3 57%22 Trench Field Stop IGBT/FS-Trench IGBT IGBT IGBT IGBT+IGBT 21 IGBT 216 2026 700 21-26E CAGR 27%IGBT IGBT IGBT IGBT SiC/IGBT MOSFET IGBT Trench Field Stop IGBT 100%15 3300V SiC MOSFET 5 SiC SiC 2022-2024 4.59 6.99 9.85 23 52 PE 364.0 2020 A 2021 A 2022E 2023E 2024E()963 1,707 2,793 4,139 5,820(%)23.6%77.2%63.7%48.2%40.6%()205 451 901 1,372 1,934(%)41.4%120.1%99.8%52.4%40.9%()181 398 784 1,194 1,682(%)33.6%120.5%96.8%52.3%40.8%1.06 2.33 4.59 6.99 9.85(%)31.6%36.7%41.0%41.6%41.5%(%)18.8%23.3%28.1%28.9%28.9%(%)21.0%12.9%14.7%19.4%23.0%287.8 130.5 66.3 43.5 30.9 44.9 10.4 9.2 7.8 6.5.2022 12 23 304.5 364.0 52/450/282.99/A 17,076/8,972 A 51,998/2022 12 24 1 1 3 12-5.54-11.36-10.49-24.13-2.35-12.81-9.77-1.49 300-3.19 1.45-0.72-22.64 021-63325888*8514 S0860514050005 BPT856 S0860522090002 IGBT SiC IGBT SiC 2 1 IGBT.5 1.1 IGBT.5 1.2.6 1.3.8 1.4 IGBT.10 2 IGBT.11 2.1 IGBT.11 2.2 IGBT.13 2.2.1 IGBT 13 2.2.2 IGBT 14 2.2.3 IGBT 17 2.3 IGBT.20 3 IGBT SiC.24 3.1 IGBT.24 3.2 IGBT.25 3.3.26.30.30.31.31 IGBT SiC 3 1.5 2 IGBT.5 3 2022 9.6 4.6 5 2017-2022H1.7 6 2017-2021 IGBT.7 7 2017-2021 IGBT.7 8 2017-2022Q3.8 9 2017-2022Q3.8 10 2022Q1-Q3.8 11 2017-2022Q3.9 12 2017-2021.9 13.10 14.10 15 IGBT7.11 16.11 17 IGBT.12 18.12 19 IGBT.12 20 IGBT.13 21 IGBT.13 22 2017-2022 IGBT.13 23 2014-2025 IGBT.13 24 IGBT 2018.14 25 IGBT.14 26.14 27.14 28 IGBT 2018.15 29 IGBT.15 30 Bolt EV.15 31 IGBT.15 32 2021-2026E IGBT.16 33.16 34 2021-2026E IGBT.17 IGBT SiC 4 35 2015-2025 GW.17 36 2015-2025 GW.17 37 20-25.18 38.18 39 kW/.18 40 kW/kg.18 41 2021-2026.19 42 2020-2030.19 43 2015-2025.19 44 2021-2026E IGBT.20 45 2021-2026E IGBT.20 46 IGBT 2021.21 47.21 48 2021 IGBT.21 49 2021 IGBT.21 50 2020-2022 IGBT.22 51 IGBT.22 52 2015-2021 IGBT.23 53 IGBT.23 54.24 55 IGBT.24 56.25 57 IGBT.25 58 1700V IGBT.26 59 2021.26 60 Si SiC.27 61 2021-2027 SiC.27 62 SiC.28 63 Model 3 SiC MOSFET.28 64 SiC.29 65 2021 SiC.29 IGBT SiC 5 1 IGBT 1.1 IGBT IGBT 2005 IGBT IGBT IGBT 2018 IGBT FS-Trench IGBT Omdia 2020 IGBT IGBT 1 IGBT MOSFET IPM FRD SiC IGBT FRD IGBT IGBT 600 100V 3300V 10A 3600A 2 IGBT IGBT SiC 6 41.74%5.09%3 2022 9 wind 1.2 IGBT IGBT 90%2017-2021 4.4 17 0.53 4 2022 18.3 57%5.9 121%2021 4 wind 0%20%40%60%80%100%120%140%024681012141618202017 2018 2019 2020 2021 2022Q1-Q3/()()IGBT SiC 7 2017 2017-2021 3.5 10.6 32%2017 0.66 2021 5.7 72%2022 5 2017-2022H1 wind IGBT 2017-2021 IGBT IGBT 5%2020 IGBT 2021 IGBT 878 68%182 4%6 2017-2021 IGBT 7 2017-2021 IGBT 30%2022 41%12%2022 32%0%20%40%60%80%100%2017 2018 2019 2020 2021 2022H1 0%10%20%30%40%50%60%70%80%-200 400 600 800 1,0002017 2018 2019 2020 2021/()-6%-4%-2%0%2%4%6%8%1501551601651701751801852017 2018 2019 2020 2021IGBT/()IGBT SiC 8 8 2017-2022Q3 9 2017-2022Q3 wind wind IGBT 10 2022Q1-Q3 wind 1.3 2022 1.27 81%2018-2021 132 245 0%5%10%15%20%25%30%35%40%45%-4%-3%-2%-1%0%1%2%3%4%5%0%5%10%15%20%25%30%35%40%45%IGBT SiC 9 11 2017-2022Q3 6%-9%2021 6.5%12 2017-2021 wind XILINX IGBT IGBT SiC 05010015020025030000.20.40.60.811.21.42017 2018 2019 2020 2021 2022Q1-Q3/()0.00%2.00%4.00%6.00%8.00%10.00%12.00%2017 2018 2019 2020 2021 IGBT SiC 10 13 XILINX 12 IGBT()1.4 IGBT IGBT IGBT NPT 1200V IGBT 650V 750V 1200V 1700V IGBT 8 IGBT IGBT 14 IGBT DBC IGBT IGBT 2021 Trench Field Stop 650V/750V/1200V IGBT 2022 IGBT SiC 11 15 IGBT7 IGB T IGBT IGBT 50 650V/1200V IGBT 1200V IGBT 1500V IGBT 16 2 IGBT 2.1 IGBT IGBT IGBT Insulated Gate Bipolar Transistor PNP IGBT IGBT IGBT BJT MOS IGBT SiC 12 MOSFET 600V 17 IGBT 18 BJT MOSFET IGBT TOSHIBA IGBT IGBT IGBT IGBT IGBT UPS IGBT IGBT IGBT IGBT IGBT 19 IGBT IGBT IGBT IGBT IGBT 2018 IGBT IGBT/IGBT 600V IGBT 600-1200V IGBT 3300V 6500V IGBT 1700V-6500V IGBT SiC 13 IGBT 3300V IGBT 6500 V IGBT IGBT SiC IGBT 20 IGBT 21 IGBT IGBT IGBT+IGBT 2022 IGBT 81 17-22 CAGR 12%2025 IGBT 522 17-25 CAGR 19%22 2017-2022 IGBT 23 2014-2025 IGBT 2.2 IGBT 2.2.1 IGBT IGBT IGBT IGBT 74%37%IGBT 2021 IGBT 151 2025 170 0%5%10%15%20%25%01020304050607080902017 2018 2019 2020 2021 2022E 0%5%10%15%20%25%30%01002003004005006002014 2015 2016 2017 2018 2019 2020 2025E IGBT IGBT SiC 14 24 IGBT 2018 25 IGBT 2.2.2 IGBT IGBT 2021 653 107%EVTank 2026 3157 21-26 CAGR 37%2022 680 94%2026 50%IGBT 26 27 EVTank IGBT IGBT Trendforce IGBT 31%IGBT IGBT OBC DC/AC IGBT Digitimes Research 15-20%IGBT IGBT 7-10%IGBT 37%28%9%8%5%2%11%-4%-2%0%2%4%6%8%10%12%0204060801001201401601802019 2020 2021 2022E 2023E 2024E 2025E IGBT 0%20%40%60%80%100%120%05001,0001,5002,0002,5003,0003,5002020 2021 2022E 2023E 2024E 2025E 2026E yoy0%20%40%60%80%100%120%140%160%180%02004006008001,0001,2001,4001,6002020 2021 2022E 2023E 2024E 2025E 2026E yoy IGBT SiC 15 28 IGBT 2018 29 IGBT Trendforce IGBT IGBT IGBT DC-DC IGBT IGBT PTC DC-AC 30 Bolt EV 31 IGBT IGBT 2022 IGBT 1906/2023 IGBT 1%yole 2021 IGBT 96%SiC IGBT IGBT 2022 189 2026 476 21-26E CAGR 32%31%27%20%11%5%4%2%IGBT SiC 16 32 2021-2026E IGBT 2021 2022E 2023E 2024E 2025E 2026E CA G R 21-26E 653 1080 1607 2135 2720 3157 37%IGBT 1888 1906 1926 1945 1964 1984 1%IGBT 96%92%88%84%80%76%-IGBT 118 189 272 349 427 476 32%EVTank Yole IGBT IGBT 45%55%IGBT 20%IGBT 33 IGBT 2022 0.3 2 0.5 2023 2%CASA 2022 IGBT 75%23 5%IGBT 2022 26 2026 72 21-26E CAGR 29%IGBT SiC 17 34 2021-2026E IGBT 2021 2022E 2023E 2024E 2025E 2026E CA G R 21-26E 407 582 834 1195 1712 2452 43%16 22 31 43 59 83 39%42 62 92 135 199 292 47%0.31 0.30 0.29 0.29 0.28 0.28-2.04 2 1.96 1.92 1.88 1.84-0.51 0.5 0.49 0.48 0.47 0.46-178 250 350 491 688 966 40%bom 134 187 263 368 516 724-IGBT 20%20%20%20%20%20%-IGBT 75%70%65%60%55%50%-IGBT 20 26 34 44 57 72 29%IEA 2.2.3 IGBT IGBT IGBT CPIA 2022 200GW 240GW 25 330GW 20-25 20%2025 110GW 2021 2 35 2015-2025 GW 36 2015-2025 GW CPIA CPIA IGBT 2020 050100150200250300350400 020406080100120140 IGBT SiC 18 136GW 2025 401GW 20-25 CAGR 24%IGBT 13 IGBT 37 20-25 38 IHS Markit IGBT 2030 6000kW/1.6kW/kg2021 102%43%IGBT IGBT IGBT 39 kW/40 kW/kg 2022 GWEC 2021 93.6GW 72.5GW 21.1GW 2026 128.8GW 2021 2026 CAGR 7%2021 47.6GW 51%2026 60GW 50GW 10GW IGBT 0%5%10%15%20%25%30%35%40%0501001502002503003504004502020 2021E 2022E 2023E 2024E 2025E GW 25%13%13%9%5%5%4%4%4%3%7%8%PCB 010002000300040005000600070002021 2023E 2025E 2027E 2030E-0.000.501.001.502.002.503.003.504.002021 2022E 2023E 2025E 2027E 2030E-IGBT SiC 19 41 2021-2026 GWEC BNEF 2020 17GW 2620 345GW 2030 358GW 2020 16.5GW 20 2015 1 2020 13.3 2025 60.5 IGBT IGBT 42 2020-2030 43 2015-2025 BNEF IGBT 2022 0.29/W 2%2021 IGBT 28 2026 33 21-26E CAGR 4%2022 0.245/W 2%2022 IGBT 50 2026 77 21-26E CAGR 14%72.5 91.9 89.9 92.2 94.9 97.421 9 13 14 25 31 7%2%3%13%8%0%2%4%6%8%10%12%14%0204060801001201402021 2022E 2023E 2024E 2025E 2026E GW GW 0%10%20%30%40%50%60%70%80%0501001502002503003504002020-2030 GW 010203040506070 IGBT SiC 20 2022 PCS 0.36/W 22-24 PCS 10%2024 5%2022 PCS IGBT 16 2026 41 21-26E CAGR 30%2022/IGBT 94 2026 151 21-26 CAGR 14%44 2021-2026E IGBT 2021 2022E 2023E 2024E 2025E 2026E CA G R 2 1-26E GW 94 101 102 106 119 129 7%IGBT 26 28 28 28 31 33 4%GW 170 218 248 273 300 365 17%IGBT 40 50 56 60 65 77 14%GW 30 47 72 99 134 166 41%PCS IGBT 11 16 22 27 35 41 30%IGBT 77 94 105 115 131 151 14%CPIA GWEC BNEF WIND IGBT 2022 IGBT 309 2026 700 21-26 CAGR 27%21-26 IGBT 21-26 IGBT 45 2021-2026E IGBT 2021 2022E 2023E 2024E 2025E 2026E CA G R 21-26E IGBT 118 189 272 349 427 476 32%IGBT 20 26 34 44 57 72 29%IGBT 40 50 56 60 65 77 14%IGBT 11 16 22 27 35 41 30%IGBT 26 28 28 28 31 33 4%IGBT 216 309 412 508 615 699 27%2.3 IGBT IGBT Markets and markets 2021 IGBT 58%11%23%2027 116 20-27 CAGR 8%IGBT IGBT SiC 21 46 IGBT 2021 47 Markets and markets GMI IGBT IGBT 2021 IGBT 67%33%3%2%IGBT 29%4%48 2021 IGBT 49 2021 IGBT IGBT IGBT 2021 IGBT 20Q4 13-20 22Q4 39-52 11%23%58%8%-20 40 60 80 100 120 140 2020 202733%12%11%7%3%3%3%3%3%2%20%29%15%9%8%6%4%4%4%4%3%14%IGBT SiC 22 50 2020-2022 IGBT 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 18-20 26-36 26-36 39-50 39-50 39-50 39-50 39-50 39-50 18-20 26-40 26-40 40-52 40-52 40-52 40-52 42-52 42-52 14-18 24-30 24-30 36-42 36-42 47-52 47-52 47-52 47-52 13-20 26-36 26-36 26-52 39-52 39-52 39-52 39-52 39-52 26-30 26-30 26-30 30-40 30-40 47-52 50-54 50-54 50-54 IGBT IGBT 02 15 2021 IGBT IGBT IGBT IGBT IGBT 51 IGBT 2019.10 2282 256 IGBT IGBT 2019.10 2019 2020.08 15 2020.09 2021.01 2021-2021 2021.07 IGBT SiC 23 IGBT IGBT IGBT 2022-2029 2021 IGBT 1.3 2580 20%2015 IGBT 10%15-21 10pct IGBT 52 2015-2021 IGBT IGBT 7 IGBT IGBT/Trench Field Stop IGBT/IGBT 53 IGBT IGBT 600 100V-3300V 10A-3600A Trench Field Stop IGBT/FS-Trench IGBT 8 IGBT 330V-6500V 100A-5000A IGBT 8 1200V/40A FS-IGBT 650V/40A FS-IGBT UPS IGBT 600V 1200V 10A-600A 2022 IGBT LG 0%5%10%15%20%25%020004000600080001000012000140002015 2016 2017 2018 2019 2020 2021 IGBT SiC 24 8 Trench 1200V IGBT 10A-200A 1200V 650V TO220 TO247 TO247PLUS SOLAREDGE IGBT 600V-1350V IGBT 60-100KHz UPS IGBT 18 650V 1200V 1350V 15A-75A 3 IGBT SiC 3.1 IGBT IGBT 600V/650V/1200V/1700V/3300V/IGBT MOSFET SiC UPS IGBT 2015 2.5 2021 16 15-21 CAGR 36%IGBT 2021 37.1%2015 8.3pct 54 55 IGBT 600V/650V IGBT 1200V IGBT 1700V IGBT 3300V IGBT MOSFET UPS FRD/SiC wind 2021 650V/1200V IGBT 2022 650V/1200V IGBT 1200V IGBT 1500V 0%10%20%30%40%50%60%70%80%02004006008001,0001,2001,4001,6001,8002015 2016 2017 2018 2019 2020 2021 IGBT SiC 25 56 P2 C6.1 1 2-T T 1400A 450-600A 80A 75-150A 300-400A 1200V 1200V 1200V 1200V 1200V-3.2 IGBT IGBT 2022 IGBT 50 A 20 IGBT 2022 57 IGBT IGBT Trench Field Stop IGBT 600V/650V/950V/1200V/1700V 100%2022 H1 Trench Field Stop 650V/750V IGBT 1200V IGBT 800V 2024-2030 IGBT Trench Field Stop 650V/750V IGBT IGBT SiC 26 58 1700V IGBT 3300V IGBT IGBT 3300V 600V/650V 1200V 1700V IGBT 3300V 4500V 15 PECVD 3 30 6 330V 9 4 59 2021 15 3 5 30/6 9 3.97 52.9%44.1%3.3 SiC SiC 3 8-10 3-5 2-3 IGBT SiC 27 60 Si SiC Yole IHS SiC 2027 63 5G SiC Yole 2021 SiC 11 2027 63 CAGR 34%OBC DC/DC SiC 2027 50 21-27 CAGR 39%61 2021-2027 SiC yole IGBT SiC 28 SiC 2018 Model 3 SiC Si-IGBT 5-8%2020 SiC MOSFET EV 200KW 2023 SiC IGBT 10%HEV/EV SiC SiC DC/DC 62 SiC 63 Model 3 SiC MOSFET Yole SiC SiC IGBT SiC SiC MOSFET SiC MOSFET SiC SiC MOSFET SiC SiC 6/6 SiC 22 0.2 6 SiC 14.4/SiC MOSFET 2021 SiC 2022 SiC MOSFET SiC MOSFET 800V SiC MOSFET IGBT SiC 29 64 SiC SiC SiC SiC SiC MOSFET 5 SiC 3 6 6 SiC 6.6 1.8 SiC MOSFET SiC 65 2021 SiC SiC 5 3 5 6/6 6.6 1.76 31.8%26.6%IGBT SiC 30 2022-2024 1)IGBT SiC 22-24 27.9/41.4/58.2 a IGBT IGBT 22-24 13.4 15.4 17.2/22-24 13.5 23.1 33.6 22-24 0.9 1.3 1.6 b SiC SiC 3 2025 6 6 SiC 6.6 1.8 22-24 0 1.3 5.3 2)IGBT SiC 22-24 41.0%41.6%41.5%3)22-24 1.29%1.22%1.15%2.73%2.58%2.43%22-24 5%5.90%5.32%5.02%2020A 2021A 2022 E 2023 E 2024 E IGB T 959.4 1,696.0 2,772.2 3,969.1 5,234.8 23.6%76.8%63.5%43.2%31.9%31.4%36.5%40.8%41.8%42.3%SiC 132.0 528.0 300.0%29.9%31.8%963.0 1,706.6 2,793.4 4,139.3 5,820.1 23.6%77.2%63.7%48.2%40.6%31.6%36.7%41.0%41.6%41.5%IGBT SiC 31 2022-2024 4.59 6.99 9.85 IGBT IC 23 52 PE 364.0 IGBT IGBT IGBT SiC 2022/12/23 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E 688711 89.98 0.50 0.66 1.19 1.93 180.25 136.48 75.32 46.58 688261 221.17 2.18 4.19 5.80 7.55 101.44 52.79 38.14 29.30 300456 14.55 0.28 0.08 0.17 0.43 51.85 187.26 85.59 33.84 600460 32.84 1.07 0.81 1.11 1.50 30.64 40.51 29.62 21.94 600703 17.52 0.26 0.33 0.56 0.78 66.57 53.46 31.24 22.53 688052 300.00 2.18 3.18 4.80 7.57 137.43 94.30 62.56 39.63 180.25 187.26 85.59 46.58 30.64 40.51 29.62 21.94 94.70 94.13 53.74 32.30 89.32 84.26 51.81 31.32 IGBT SiC 32 单位:百 万元 2020A 2021A 2022E 2023E 2024E:2020A 2021A 2022E 2023E 2024E 80 2,971 3,139 2,911 2,698 963 1,707 2,793 4,139 5,820 581 611 687 973 1,320 659 1,080 1,648 2,417 3,403 2 8 9 14 22 3 7 11 17 23 255 396 615 908 1,266 15 24 36 50 67 142 770 310 311 314 102 162 241 327 434 1,061 4,757 4,760 5,118 5,621(1)(2)(25)(25)(23)0 0 0 0 0 2 6 2 2 3 294 384 342 299 256 1 1 1 1 1 18 201 1,012 1,822 2,902 6 4 3 4 4 26 91 88 84 80 16 16 17 16 16 25 88 44 53 62 205 451 901 1,372 1,934 363 765 1,485 2,258 3,300 4 5 3 4 4 1,425 5,522 6,244 7,377 8,921 0 2 1 1 1 0 0 0 0 0 209 454 903 1,376 1,937 119 197 296 438 616 28 55 117 179 252 51 107 77 90 101 181 399 786 1,197 1,685 170 304 374 528 718 0 1 2 2 3 4 103 103 103 103 181 398 784 1,194 1,682 0 0 0 0 0 1.06 2.33 4.59 6.99 9.85 94 118 105 105 109 98 221 208 209 213 268 525 582 737 930 2020A 2021A 2022E 2023E 2024E(2)(0)1 4 7 160 171 171 171 171 23.6%77.2%63.7%48.2%40.6%463 3,946 3,946 3,946 3,946 41.4%120.1%99.8%52.4%40.9%537 881 1,545 2,520 3,867 33.6%120.5%96.8%52.3%40.8%(1)(1)(1)(1)(1)1,157 4,997 5,663 6,640 7,991 31.6%36.7%41.0%41.6%41.5%1,425 5,522 6,244 7,377 8,921 18.8%23.3%28.1%28.9%28.9%ROE 21.0%12.9%14.7%19.4%23.0%ROIC 19.6%12.6%14.0%18.7%22.4%:2020A 2021A 2022E 2023E 2024E 181 399 786 1,197 1,685 18.8%9.5%9.3%10.0%10.4%33 29 46 46 46 0.0%0.0%0.0%0.0%0.0%(1)(2)(25)(25)(23)6.23 15.66 12.74 9.70 7.83(6)(4)(3)(4)(4)4.72 14.34 11.08 7.96 6.06(322)(61)(217)(435)(528)(10)(5)32(8)(3)4.1 5.8 5.4 5.0 5.1(126)357 618 772 1,174 2.9 3.3 3.2 3.1 3.1(80)(364)(810)(810)(1,080)0.8 0.5 0.5 0.6 0.7 2 0 0 0 0(144)(619)455 5 4 1.06 2.33 4.59 6.99 9.85(222)(983)(355)(805)(1,076)-0.78 2.09 3.62 4.53 6.88 4 101(1)0 0 6.79 29.26 33.15 38.86 46.75 459 3,494 0 0 0(129)(76)(94)(195)(312)287.8 130.5 66.3 43.5 30.9 334 3,519(95)(195)(312)44.9 10.4 9.2 7.8 6.5(1)(1)-0-0-0 EV/EBITDA 206.4 102.2 53.0 35.0 24.9(14)2,891 168(228)(213)EV/EBIT 240.0 108.9 55.8 36.2 25.5 IGBT SiC 33 Tabl e_Disclai mer 12/15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer